In a major development, Maersk Product Tankers has announced that they have entered into a sale and leaseback agreement with ICBC Financial Leasing Co., Ltd. for four of their MR vessels built in 2015 and 2016, says a press release published on their website.
How will it help Maersk?
“The agreement will increase financial flexibility and strengthen the financial position of Maersk Product Tankers,” says Morten Mosegaard, Chief Financial Officer at Maersk Product Tankers.
Significant Capital Release
Maersk Product Tankers continues to hold a strong balance sheet. The company further has an attractive newbuilding program, which was contracted in a market where prices were at a low point in their cycle.
“The sale and leaseback agreement releases significant capital, which gives us additional optionality to act if the right opportunity materializes. This will create further value for our customers, partners, and owners,” says Mosegaard.
Maersk Product Tankers’ Prospects
Maersk Product Tankers will bareboat charter-in the vessels for a period of ten years and has continuous purchase options on the vessels. Maersk Tankers continues to undertake commercial and technical management of the vessels.
The first vessel has been delivered to ICBC with the remaining ones to be delivered in the second quarter of 2019.
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Source: Maersk Tankers